If we can take a property that was a thorn in someone’s side, convert it into a top performing rental, and make it a true asset, then anyone can do it.

House Park Spring , 165.000$ 5 bed, 2000 sqft, converted garage appartment, rent 1600$ (lease just renewed 1 year) paid in full2.

Sounds like a legal question, and I'm not an attorney - however, I had my properties in land trusts for many years until eventually converting them into to LLCs just a few years ago. 

Hi @Matt Ferch -- you'll need to convert your account into a Self-Directed 401k/IRA.

So much for property rights.After one year it converts to a month-to-month lease.

I wouldn't be adding a 4th bedroom, just converting the 4th room (got no closet) into a walk-in closet and a laundry room.

Another option is watching for one that could be converted.  

Obviously RSO/rent control is difficult to avoid in L.A. and the numbers would have to make sense.2) Find a 3bd 2bth with a detached garage (or ideally permitted guest house) that I can convert to an ADU and live in, while renting out the house. 

.), converting to STR, house hacking, etc.It is not easy in the high end markets for novice investors.

I've converted all the units from 2 to 3 beds.